Short Interest in Globavend Holdings Limited (NASDAQ:GVH) Declines By 74.7%

Globavend Holdings Limited (NASDAQ:GVH) saw a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 11,790 shares, a decline of 74.7% from the February 26th total of 46,522 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 51,135 shares, the days-to-cover ratio is currently 0.2 days.

Globavend Stock Up 35.9%

Shares of Globavend stock traded up $0.37 during trading on Friday, reaching $1.40. 24,116,623 shares of the company traded hands, compared to its average volume of 393,148. The company has a 50 day moving average price of $1.13 and a 200-day moving average price of $3.00. Globavend has a 1-year low of $0.87 and a 1-year high of $364.00.

Globavend (NASDAQ:GVH) last issued its earnings results on Friday, February 13th. The company reported ($2.20) earnings per share (EPS) for the quarter. The company had revenue of $4.92 million during the quarter.

Hedge Funds Weigh In On Globavend

A number of hedge funds have recently bought and sold shares of the company. Jane Street Group LLC purchased a new position in Globavend during the second quarter worth about $29,000. Sabby Management LLC bought a new stake in Globavend in the 4th quarter worth about $257,000. Finally, Connective Capital Management LLC purchased a new stake in Globavend in the 4th quarter valued at about $253,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GVH. Zacks Research upgraded shares of Globavend from a “strong sell” rating to a “hold” rating in a report on Monday, January 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of Globavend in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $80.00.

Globavend Company Profile

Globavend Holdings Limited, together with its subsidiaries, provides integrated cross-border logistics services and air freight forwarding services in Hong Kong, Australia, and New Zealand. The company's services include parcel consolidation, air freight forwarding, customs clearance, on-carriage parcel transportation, and delivery. It serves e-commerce merchants and operators of e-commerce platforms. The company was founded in 2016 and is based in Perth, Australia. Globavend Holdings Limited is subsidiary of Globavend Investments Limited.